EFTA01437758Set 10
2016-10-18227p26,387w
Sports Authority bankruptcy, as
flagged as it has been, finally hits reported SS NOI results. We will be more
focused on how much progress has been made on releasing these ... continue to impede rent
growth
EFTA01437761
15
Malls: Rising demand headwinds and slowing SS NOI growth expected 22
Shopping Centers: Store closures to hit 3Q internal growth, but progress ... preview
QTS
3Q15
Income Statement ($ in 000's, except per share)
GAAP Revenue
GAAP NOI
NOI margin
Adjusted EBITDA
Adjusted EBITDA margin
Operating FFO/sh
Operating Metrics (in 000's, except
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01437758.pdf
EFTA01080030Set 9
15p3,859w
1/1/2011 12131/2011 12131,2012 12/31,2013 12/31/2014 12/31/2015 6/30/2016 6/30/2017
NOI ... Exit Analysis
Year 7 NOI 78.838.244
Cap Rate Assumption 5.0
Gross Proceeds 1.576,764,880 $1.270 psf
Sales Costs (37.713.504) 3.025%
Net Proceeds 1,539,051,376
Repayment of Mortgage ... market rents per space assumptions
above.
EFTA01080038
Existing Capital Stack INVESTCORP
2010B Trough Stabilized
NOI NOI NOI Cumulative
Cumulative Last $ Interest Debt Debt Debt Annual Debt Annual Debt
Lender Debt
https://www.justice.gov/epstein/files/DataSet%209/EFTA01080030.pdf
EFTA01119794Set 9
11p4,873w
derived from retail
space rental. Under Sun's management, Village Cay had an NOI (before management fees) of
$977,458 in 2005 based on $3.9 million in gross revenue. Projections ... actual
figures for January - October and projected figures for November - December) indicate an NOI
(before management fees) of approximately $1.2 million based on gross revenues of just over
$4.9 million ... Under IGY ownership, Village Cay is projected to produce an NOI (before management fees) of
$1.3 million in 2007, an increase of 8% over reforecast 2006. The management
https://www.justice.gov/epstein/files/DataSet%209/EFTA01119794.pdf
EFTA01122413Set 9
10p5,706w
Summary Investment and Purchase Price Analysis
NO1 Before NOI After NO1 After Debt
ICY Debt Service Debt Service Service / Capx Exit Debt as of
Property Valuation Year 1 Year ... NOI Year I Cap Rate Cap Rate Sep-06 Equity
Yacht Harbor ... Adjeued NOI 1.144.114 1496.135 1332,215 1372.931 1,758.197 IMO" 1414379 1.97
NO1Mas 64 63'. 01..
IS Value 613. 66% 663. 66% 64". 638.
24648,913
Ca011s Moir IIIS
https://www.justice.gov/epstein/files/DataSet%209/EFTA01122413.pdf
EFTA01388945Set 10
2016-10-181p314w
Figure 37: Rent growth slows in 3O16, vacancy stays flat 'Figure 38: SS NOI growth expected to slow in 2H18 ... data, down from 4.5% in 2Q. This is the third • DBe of 4.4% SS NOI growth in 3Q16, up slightly
consecutive y/y decline in rent growth with REIS from ... 2O16 as NOI growth at less supply
projecting rent growth to stay below 4% impacted names (IRT and PPS) is supporting the
overall average
• Vacancy remained flat
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01388945.pdf
EFTA01119785Set 9
2001-08-145p2,267w
final recording and notary costs,
among others.
Under Sun's management, SBYC had an NOI (before management fees) of $700,379 in 2005
based on $2.7 million in gross revenue ... actual figures for January
- October and projected figures for November -- December) indicate an NOI (before management
fees) of approximately $942,000 based on gross revenues of $3.1 million.
Under ... management, SBYC is projected to produce an NOI (before management fees) of
$1,036,889 in 2007, an increase of 10% over reforecast 2006 due to an average 17% increase
https://www.justice.gov/epstein/files/DataSet%209/EFTA01119785.pdf
EFTA01389057Set 10
2016-10-181p314w
Figure 37: Rent growth slows in 3O16, vacancy stays flat 'Figure 38: SS NOI growth expected to slow in 2H18 ... data, down from 4.5% in 2Q. This is the third • DBe of 4.4% SS NOI growth in 3Q16, up slightly
consecutive y/y decline in rent growth with REIS from ... 2O16 as NOI growth at less supply
projecting rent growth to stay below 4% impacted names (IRT and PPS) is supporting the
overall average
• Vacancy remained flat
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01389057.pdf
EFTA01388623Set 10
2016-10-181p392w
range, we are
conservatively applying a 4.5% cap rate to our 2-yr forward NOI estimates to
arrive at NAV. To account for the limited visibility on the timing ... expected
NOI increases and to account for the potential for higher-than-average
quarterly earnings volatility due to the size of the portfolio, we are also
applying a 5% discount ... small overall portfolio size and limited
visibility as to when some of the expected NOI upside will be achieved. With
just 12 assets, PGRE's quarter-to-quarter results
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01388623.pdf